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Monday, 17 December 2018

Egypt’s Finance Ministry to tender for eurobond managers in January, plans to include Asian banks

EXCLUSIVE- FinMin to tender for eurobond managers in January, plans to include Asian banks: The Finance Ministry is expected to officially invite next month investment banks bid to act as joint lead managers of Egypt’s upcoming eurobond issuance, a senior government official tells Enterprise. According to the official, the ministry is looking to select at least one Asian bank to join the final lineup of bookrunners, since the government’s planned issuances will largely be concentrated in Asian markets. Separately, the government is working on predicting the future trajectory of yields on Egypt’s bonds following the US Federal Reserve’s expected interest rate decision this week, and the decision’s impact on the issuance plans.

Background: Egypt has been preparing to issue USD 4-7 bn worth of yen-, yuan-, USD-, and EUR-denominated denominated bonds in 1Q2019, we reported earlier this month. Egypt has also been waiting on global markets to stabilize before moving ahead with its issuances, government sources had previously told us. Finance Minister Mohamed Maait had also said earlier this month that the Madbouly government will release details on its 1Q2019 international bond issuances sometime next month.

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